ISLAMABAD – The federal cabinet on Tuesday approved third tax amnesty scheme to be promulgated through presidential ordinance in order to promote industrial sector.
The cabinet members gave their nod to a summary circulated by the Ministry of Finance for the amnesty scheme being introduced through the Income Tax Amendment Ordinance 2022.
Under the concession initiative, the industrialists will be allowed to whiten their black money at a five percent rate by investing it in the export-oriented manufacturing sector.
Furthermore, the local investors will not be asked about the source of the income by the tax authorities.
To avail amnesty, the investors set up a new industrial unit, reports said, adding that existing industrialists will be allowed to avail the facility for balancing and modernisation.
The amnesty scheme will be available till December 2022 and investors will have to start the production from the new unit by June 2024.
The government has also decided to provide facilities to the companies facing losses for the last three years.
Earlier, the PTI-led government announced tax amnesty schemes in 2018 and 2019 in a bid to attract more investment to ward off pressure on economy.
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